Home » Hip-hop’s first billionaire Jay-Z scores legal win, pocketing $7.2 million

Hip-hop’s first billionaire Jay-Z scores legal win, pocketing $7.2 million

by Omokolade Ajayi

Hip-hop’s first billionaire Shawn “Jay-Z” Carter has emerged victorious in a protracted legal battle against Parlux Ltd., a leading global beauty company.

Reports confirm that Jay-Z received a substantial $7.2-million settlement from Parlux, marking the end of a seven-year court feud.

The legal saga began in 2016 when Parlux, renowned for its collaboration with pop culture icons and fashion houses, filed a lawsuit against Jay-Z.

The company claimed that the hip-hop mogul had failed to fulfill his promotional obligations for their joint fragrance, Gold Jay-Z.

Parlux alleged that the breach of contract resulted in a decline in fragrance sales.

The jury determined that neither party was at fault for the issue. In a significant turn of events, an appellate court ruled in Jay-Z’s favor last year, asserting that he was entitled to a minimum of $4.5 million in royalties from previous fragrance sales.

Despite Parlux’s efforts to appeal the ruling, the beauty company faced another setback as the court ordered them to pay $6.8 million, along with accrued interest.

On Wednesday, Jay-Z’s legal team finally received the payment, bringing an end to the legal dispute.

Jay-Z’s net worth skyrockets to $2.5 billion thanks to mega Bacardi deal

This latest financial win adds to Jay-Z’s already impressive net worth, which has soared to $2.5 billion from $1.2 billion at the start of the year.

The surge in his fortune is partly attributed to the recent sale of his 50-percent stake in the renowned cognac label D’Usse to Bacardi Limited, netting him a potential value of over $750 million.

Jay-Z’s lavish mansion purchase

In a celebratory move, Jay-Z and his wife, music superstar Beyonce, who boasts a net worth of $540 million, have splurged a staggering $200 million on a magnificent Malibu mansion.

Located in the Paradise Cove neighborhood, commonly referred to as Billionaires’ Row, the sprawling 30,000-square-foot estate offers breathtaking views of the Pacific Ocean and boasts a modern fusion of concrete and glass.

While falling short of being the most expensive residential purchase in the United States — a title presently held by hedge fund billionaire Ken Griffin’s $238 million New York City penthouse — Jay-Z’s new acquisition still ranks as the priciest home ever sold in California.

You may also like


The world’s premier source of news on Africa’s billionaires and UHNWIs.


Get the daily email to stay informed about African billionaires and UHNWIs. Get informed and entertained, for free.

Latest News

@2024 – Billionaires.Africa. All Rights Reserved.